Aqua Bio Technology — Capital/Financing Update 2011

Jan 26, 2011

Press Release | January 26, 2011

abt
AQUA BIO TECHNOLOGY ASA

For Immediate Release

Aqua Bio Technology ASA awarded grant from Innovation Norway

-For clinical trial with Amway

Aqua Bio Technology ASA (ABT), which develops and markets patented advanced marine-based ingredients to the personal care industry, has been awarded a grant from Innovation Norway in connection with clinical testing of its ingredient Zonase X™ announced earlier this year with Access Business Group.

On January 6, ABT said it will start a clinical trial with Access Business Group, a sister company to Amway, to jointly perform a clinical trial of Zonase X™. A successful clinical trial could lead the two companies to negotiate a licensing agreement that would feature ABT’s ingredient in Amway’s ARTISTRY® skincare lines (www.artistry.com).

According to the agreement with Innovation Norway, the grant has a value of NOK 650 000 in 2011 and is awarded for the partial funding in connection with the completion of the clinical trial.

As part of the clinical trial, Zonase X’s effectiveness towards several new anti-aging applications will be tested and documented. As part of the agreement, Access Business Group and Amway will co-fund clinical proof of concept test in exchange for the option for limited global market exclusivity related to certain marketing claims.

"We see this as an interesting project with substantial potential for ABT, and believe the grant can contribute to releasing the potential that the company has with its ingredient Zonase X™ in this enormous market segment", said Rita Brokstad, Manager Innovation Norway Bergen.

"We’re delighted with the grant and the cooperation with Innovation Norway, which we see as true recognition of our technology", said Arvid Lindberg, CEO of Aqua Bio Technology ASA. "Innovation Norway has seen the quality in the way this trial is designed and conducted, as well as the potential commercial value for ABT given positive results.

For further information please contact:

Arvid Lindberg, CEO, Aqua Bio Technology ASA
Telephone: +47 98 24 54 10; E-mail: arvid@aquabiotech.no

About ABT

Aqua Bio Technology ASA (ABT) develops and markets patented ingredients and technology to the international cosmetics and skin care industry. The products are based on patented components from marine origin; trademarks include Zonase X™ and Smids™.

AQUA BIO TECHNOLOGY ASA
Klingenberg gate 5, N-0161 Oslo, Norway
www.aquabiotech.no

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Press Release | January 26, 2011

abt
AQUA BIO TECHNOLOGY ASA

About Innovation Norway (IN)

IN promotes nationwide industrial development, profitable to both the business economy and Norway's national economy, and helps release the potential of different districts and regions by contributing towards innovation, internationalization and promotion. The state owned company employs more than 700 people. IN has offices in all the Norwegian counties and in more than 30 countries world wide. The head office is located in Oslo. The core group of clients are Norwegian companies, predominantly SMEs.

About Amway and Access Business Group

Amway (amway.com) is one of the world's largest direct selling businesses. Founded in 1959 and headquartered in Ada, Michigan, USA, Amway offers consumer products and business opportunities in more than 80 countries and territories worldwide. The company also provides product development, manufacturing and logistics services through its Access Business Group and Alticor Corporate Enterprises divisions. In its most recent fiscal year, the Amway family of companies reported annual sales of $8.4 billion. For more information, see e.g. www.artistry.com

About Zonase X™

Zonase X™ is a natural and bio active ingredient to the cosmetics and skin care industry that adds moisture and increases the renewal of skin in an effective and gentle way. Zonase X™ derives from the hatching fluid of salmon and contains patented components such as the enzyme Zonase™.

AQUA BIO TECHNOLOGY ASA

Klingenberg gate 5, N-0161 Oslo, Norway

www.aquabiotech.no